Pennsylvania Real Estate Investment Trust of Philadelphia this morning reported a first-quarter loss allocable to common shareholders of $2.1 million, or $0.06 per diluted share, compared to net income of $5.7 million (or $0.15 per share) for the same period last year.

The company is the region's largest owner of shopping malls - including Cherry Hill, Moorestown, Willow Grove Park, Plymouth Meeting, the Gallery at Market East and others.

Revenue for the quarter was $115.35 million, up from $113.64 for the same quarter of 2007.

Management attributed the loss to "higher depreciation and amortization as a result of development and redevelopment assets having been placed in service, higher interest expense as a result of, among other things, a higher aggregate debt balance, and higher abandoned project costs."

The company also noted that it had a $6.7 million gain in last year's comparable quarter on the sale of Schuylkill Mall in Frackville, Pa.

Shares closed yesterday at $26.18, down from a 52-week high of $49.38 achieved last June.